OXiGENE Inc. (OXGN, Financial) filed Quarterly Report for the period ended 2009-06-30.
OXiGENE Inc. is an international biopharmaceutical company engaged principally in research into and the development of products for use in the treatment of cancer and other major diseases. OXiGENE Inc. has a market cap of $68.3 million; its shares were traded at around $1.48 with and P/S ratio of 5691.6. OXiGENE Inc. had an annual average earning growth of 10.4% over the past 5 years.
compensation and related costs include salaries, benefits, costs to hire new employees, severance costs and employee travel expenses. The increase for the six month period of 2009 over the same period in 2008 is due to an increase in salaries, benefits, hiring related costs and travel in connection with staffing our research and development support groups. In addition, we incurred a one-time severance charge of approximately $332,000 in the 2009 period related to the departure of our former Chief Medical Officer. The increase in employee compensation and related costs was offset in part by decreases in stock based compensation of $85,000 as a result of forfeitures of options, and in external services of $155,000 due primarily to a reduction of out-sourced drug manufacturing, labeling and clinical supplies costs. We expect the trend of increases in research and development expenses to continue for the foreseeable future as we anticipate the continued development of our potential product candidates, especially in OXi4503 and ZYBRESTAT for ophthalmology.
Total general and administrative costs for the six months ended June 30, 2009, as compared to the six months ended June 30, 2008, increase by approximately $257,000. Consulting and professional services increased $355,000 primarily due to increased legal and consulting fees in connection with an initiative we undertook to review and improve our quality, vendor oversight and regulatory compliance systems, as well as advisory services in connection with the formation and maintenance of our ViDA entity which was formed in the fourth quarter of 2008. These increases in consulting and professional services costs were slightly offset by a reduction in Board of Director fees and expenses. Facilities related expenses increased by approximately $271,000 in the six months ended June 30, 2009, as compared to the six months ended June 30, 2008. This increase was due to higher rent expense of approximately $184,000 in connection with moving into our new corporate headquarters in South San Francisco, California and increased computer and office supplies expenses related to more space and increased headcount.
Research and development expenses for the three months ended June 30, 2009 increased by approximately $637,000 versus the three months ended June 30, 2008 due to the increase of $1,218,000 in employee compensation and related costs partially offset by decreases in the other major spending categories. The increase in employee compensation and related costs is primarily attributable to staffing our research and development support groups as well as the inclusion of a one-time severance charge of approximately $332,000 for the three-months ended June 30, 2009 period in connection with the departure of our Chief Medical Officer. External services decreased by approximately $500,000 for the three months ended June 30, 2009, as compared to the three months ended June 30, 2008. The external services decrease is due in part to approximately $230,000 of lower cost related to drug manufacture, stability testing, logistical cost and clinical supplies, and approximately $157,000 of external project management fees.
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OXiGENE Inc. is an international biopharmaceutical company engaged principally in research into and the development of products for use in the treatment of cancer and other major diseases. OXiGENE Inc. has a market cap of $68.3 million; its shares were traded at around $1.48 with and P/S ratio of 5691.6. OXiGENE Inc. had an annual average earning growth of 10.4% over the past 5 years.
Highlight of Business Operations:
As described above in Note 5 of the Notes to Condensed Consolidated Financial Statements, Subsequent Events, in July 2009, we exercised our option to acquire all the equity of ViDA pursuant to an Amended and Restated Purchase Option Agreement, in exchange for 10,000,000 newly-issued shares of our common stock. The acquisition included the re-acquisition of the ZYBRESTAT for ophthalmology and OXi4503 development programs and the approximately $12,400,000 in cash and marketable securities held by ViDA. In a separate transaction, we also raised approximately $9,200,000 in net proceeds, after deducting placement agents fees and other expenses, in a registered direct offering relating to the sale of 6,250,000 units, each unit consisting of (i) one share of common stock, (ii) a five-year warrant to purchase 0.45 shares of common stock at an exercise price of $2.10 per share of common stock and (iii) a short-term warrant to purchase 0.45 shares of common stock at an exercise price of $1.60 per share of common stock, for a purchase price of $1.60 per unit.compensation and related costs include salaries, benefits, costs to hire new employees, severance costs and employee travel expenses. The increase for the six month period of 2009 over the same period in 2008 is due to an increase in salaries, benefits, hiring related costs and travel in connection with staffing our research and development support groups. In addition, we incurred a one-time severance charge of approximately $332,000 in the 2009 period related to the departure of our former Chief Medical Officer. The increase in employee compensation and related costs was offset in part by decreases in stock based compensation of $85,000 as a result of forfeitures of options, and in external services of $155,000 due primarily to a reduction of out-sourced drug manufacturing, labeling and clinical supplies costs. We expect the trend of increases in research and development expenses to continue for the foreseeable future as we anticipate the continued development of our potential product candidates, especially in OXi4503 and ZYBRESTAT for ophthalmology.
Total general and administrative costs for the six months ended June 30, 2009, as compared to the six months ended June 30, 2008, increase by approximately $257,000. Consulting and professional services increased $355,000 primarily due to increased legal and consulting fees in connection with an initiative we undertook to review and improve our quality, vendor oversight and regulatory compliance systems, as well as advisory services in connection with the formation and maintenance of our ViDA entity which was formed in the fourth quarter of 2008. These increases in consulting and professional services costs were slightly offset by a reduction in Board of Director fees and expenses. Facilities related expenses increased by approximately $271,000 in the six months ended June 30, 2009, as compared to the six months ended June 30, 2008. This increase was due to higher rent expense of approximately $184,000 in connection with moving into our new corporate headquarters in South San Francisco, California and increased computer and office supplies expenses related to more space and increased headcount.
Research and development expenses for the three months ended June 30, 2009 increased by approximately $637,000 versus the three months ended June 30, 2008 due to the increase of $1,218,000 in employee compensation and related costs partially offset by decreases in the other major spending categories. The increase in employee compensation and related costs is primarily attributable to staffing our research and development support groups as well as the inclusion of a one-time severance charge of approximately $332,000 for the three-months ended June 30, 2009 period in connection with the departure of our Chief Medical Officer. External services decreased by approximately $500,000 for the three months ended June 30, 2009, as compared to the three months ended June 30, 2008. The external services decrease is due in part to approximately $230,000 of lower cost related to drug manufacture, stability testing, logistical cost and clinical supplies, and approximately $157,000 of external project management fees.
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